Financial Crime World

Gambian Authorities Unite to Combat Financial Crime

The Gambia has taken a significant step towards strengthening its financial system by launching an anti-money laundering and combating terrorism financing strategy.

Collaboration between GIABA and GFIU

The initiative was launched through a collaboration between the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA) and the Gambia Financial Intelligence Unit (GFIU). The two bodies have been working together to put in place strategies that will help identify strategic and specific objectives and action plans to achieve them.

Key Objectives

The strategy is expected to address key deficiencies identified in the Anti-Money Laundering and Combating Terrorism Financing Framework of The Gambia, including:

  • Non-ratification of the UN International Convention for the Suppression of Terrorism Financing
  • Exclusion of cash transaction reporting from AML/CTF Act 2012
  • Lack of national regulation for the implementation of UN Security Council Resolutions

Commitment to Fighting Crimes

The Gambian government has committed to fighting crimes, including:

  • Illicit drug trafficking
  • Corruption
  • Money laundering
  • Terrorism financing
  • All forms of crime

President Sheik Professor Alhagie Doctor Yahya AJ. Jammeh has directed that all deficiencies in the AML/CTF framework be rectified, and the Director of the GFIU has promised to implement the requirements of the Anti-Money Laundering and Combating of Terrorism Financing Act 2012.

Expected Outcomes

The launch of the strategy is seen as a significant step towards achieving peace and stability in The Gambia. It is expected that the initiative will:

  • Reinforce the country’s efforts to achieve its development goals, including:
    • Millennium Development Goals
    • Vision 2020
    • Other government development blueprints
  • Strengthen the financial system of The Gambia

The success of this strategy will depend on the commitment and collaboration of all stakeholders involved. With the launch of this initiative, The Gambia is one step closer to achieving its goal of becoming a stable and prosperous nation.